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in the broadcast. now to the bill congress did pass late last night to pull the country back from the fiscal cliff. tax rates are going up for high-income earners. jobless benefits will continue for the long-term unemployed. and the payroll tax is going up. but spending cuts have been put off. nancy cordes is on capitol hill. nancy? >> reporter: anthony, after months of procrastination and accusations and closed-door meetings, congress finally passed a fiscal cliff bill last night. it left everyone relieved but no one truly happy. >> the motion is adopted. >> reporter: even republicans who voted for the plan are angry it has no serious spending cuts while democrats think the white house made too many concessions on taxes. kent conrad is a senator from north dakota. >> i hate this agreement. i hate it with every fiber of my being. because this is not the grand bargain that i hoped for or worked for or believed is so necessary to the future of the country. mr. president, this is not by any standard a deficit reduction plan. >> reporter: mostly it's a tax plan. the bill permanently extends the bush-e
of drama and some last- minutenegotiating, congress passed legislation to avoid the fiscal cliff. lawmakers didn't make the deadline and didn't get the grand bargen that both parties claimed was the ultimate goal but democrats and republicans gave themselves credit for getting something done. there was concern among republicans about a lack of spending cuts. some wanted to add them in but you will metly there were not -- ultimately there were not enough votes to it. the fiscal cliff deal would shield i come tax cuts for all workers earning less than 400,000 dollars a year. also prevent a tax hike on the estates valued at less than 5 million dollars and extend unemployment benefits for about 2 million people that were set to exspire. now although congress missed the january 1st midnight deadlineby-passing the compromise deal congress can try to take credit for retroactive tax cuts. >> this law is just one step in the broader effort to strengthen our economy and broaden opportunity for everybody. >> reporter: they have to deal with automatic spending cuts they put off and there will be a afte
and tense negotiations, congress passed legislation to avoid the fiscal cliff. lawmakers did not meet the deadline and they didn't get the grand bargain that both parties clap was the goal there. was concern among -- a lack of spending cuts. the deal would shield income tax cuts for all workers earning less than 400,000 dollars a year and households earning less than 450,000 dollars. it prevents a tax hike on a state's -- estates valued at less than 5 34eu8ion and extends unemployment benefits for about 2 million people that were set to expire. now what it does not do is raise the debt ceiling. in two months the government will reach the limit on borrowing unless congress acts. the bill delays large cuts to the pentagon and other government programs. now although congress missed the january 1st midnight deadline by-passing the compromise deal in the house and senate, congress can try to take credit for retroactive tax cuts. >> i will sign a law that raises taxes on the wealthiest 2% of americans while preventing a middle class tax hike that could have sent the economy back into a rece
at the procrastination of congress passing a late night bill to avoid falling off the fiscal cliff. but there is some satisfaction. >> a relief and that the stocks are showing -- [indiscernible] >> more than 98% of americans and 97% of small businesses will not see their income taxes go up. >> reporter: but oliver says he's part of the small group who will be paying higher taxes on his small business. >> it's all right. we've got to move forward somehow. >> reporter: all this does is set up more showdowns in the future so expect more late night faceoffs on capitol hill in the coming months. while the bill taxes the wealthiest families earning more than $450,000, the intensely divided house must now tack him what's not addressed in the bill, including raising the debt ceiling and sequestration reasons why democratic congressman jim moran voted against the measure. >> the problem is we set up three more fiscal cliffs, and all that's left is spending cuts. the only question we have to ask ourselves what programs do we cut them and how deep do we cut them. we'll look back at this night and regret it. >>i
>>> breaking news overnight, finally, a deal. >> congress passing a bill to avoid the most serious impacts of the fiscal cliff. the president speaking just before midnight. >>> next year, new location. the students of sandy hook elementary head back to the classroom this week, with much being done to ease the transition. >>> hannah is healing. returning to the air after being badly burned. what it took to get her ready for the rose parade. >>> and no excuses. if you're headed to the gym this morning, keep an eye out for gertrude, still power walking and pedaling after 101 years. >>> good morning. i'm john muller, in for rob nelson. >> and i'm paula faris. it turns out the congress had a bungee cord when they took the country over the cliff. >> the house has ended a bitter deal over a tax deal. bringing the country back from the brink. >> tahman bradley joining us with the new developments from washington this morning. hi, tahman. >> reporter: all, paula and john. the country did technically go over the fiscal cliff. but congress has fixed the mess. what they passed is retroactive.
, congress can provide economic security and certainty for middle-class families. this has passed the senate with overwhelming bipartisan support, permanently extending 9 tax cuts permanently9% of american families -- tax cuts to 99% of american families. it expands relief for millions of young people and makes vital investments that build economic growth and jobs in this country. it averts the fiscal cliff and the humble economic consequences that may have resulted. as we close out this congress, we have reached resolution on a major issue facing this congress and an asian -- their tax policy for our families and our -- this congress and the nation -- their tax policy for our families. i expect it will be difficult to reach a bipartisan solution, but that does not mean it cannot be done. tonight's vote demonstrates it can. it benefits american families and american businesses. i yield back. >> the gentleman from michigan, mr. camp. >> i still reserve. >> the gentleman reserves. >> @ i yield one minute -- i yield one minute to mr. moran. >> thank you, mr. chairman. tonight we will pass 83 pr
, the 112, expires. the legislation that passes, in both houses of congress don't pass a piece of legislation, all that legislation expires. yes and you have to start the clock again. if this book takes place and we're headed for in about an hour, if it does take place in the vote fails and this bill, this compromise does not pass, the house of representatives, then we're back to square one. the house speaker would have to get involved, something the republicans in the house of been stressing all they, this is a deal between the minority leader mitch mcconnell in the senate and the vice-president of the united states and the house speaker john boehner was not involved. however, there is death valley contact between the two offices as they continue to negotiate, the minority leader and the and vice-president. when you have such overwhelming support it creates more pressure from members of the house to vote for this. you are going to see very likely high-profile republican members in the u.s. house vote against this because of the lack of spending cuts caught. diane: we did hear
. but neither side got everything they wanted. after months of debating and back room deals, congress has passed a bill which will pull the country back from the "fiscal cliff." >> on this vote the yays are 257, the nays are 167. >> reporter: the bill extends bush-era tax rates for every american making less than $400,000 and couples who make less than $450,000. it delays for two months $110 billion in across-the-board spending cuts. >> i'd like to be speaking for bill but i can't. >> reporter: 151 republicans including eric cantor the number 2 ranking house member voted against the bill because it doesn't address spending. >> what we're really doing is raising taxes to give the president more money to spend. >> reporter: president obama ahead promised to work with congress to find more spending cuts in the future. but he urged them not to play politics with the nation's debt limit. >> i will not have another debate with this congress over whether or not they should pay the bills that they have already racked up. >> reporter: treasury secretary timothy geithner has warned congress that the count
to the brink over the fiscal cliff. congress has passed a deal to prevent steep tax hikes for most americans. >> a late-night vote in the house means that part of the fiscal crisis has been averted. but there's new trouble down the road. abc's karen travers watching it all in washington. good morning, karen. >> reporter: good morning, paula. good morning, john. it wasn't pretty. neither party got what they wanted, and they didn't even get it done in time. but last night congress sent president obama a deal on the fiscal cliff. after months of drama and some tense last-minute negotiations, congress finally passed legislation to avoid the fiscal cliff. after the vote, a rare late-night statement from president obama. >> under this law, more than 98% of americans and 97% of small businesses will not see their income taxes go up. >> reporter: lawmakers completely blew their deadline. they didn't get the grand bargain both parties claimed was their ultimate goal. both democrats and republicans gave themselves credit for getting something done. >> this is a very, very strong first step. >> this is
, congress has passed a bill which will pull the country back from the "fiscal cliff." >> on this vote. yeas are 257, the nays 167. >> reporter: it extends bush- era tax rates for every american making less than $400,000 and couples who make less than $450,000. it delays for two months a 110 billion-dollar across the board spending cuts. >> i'd like to be speaking for this bill. but i can't. >> reporter: 151 republicans, including eric cantor, the number 2 ranking house member, voted against the bill because it doesn't address spending. >> what we're really doing is raising taxes to give the president more money to spend. >> reporter: president obama has promised to work with congress to find more spending cuts in the future. but he urge them not to play politics with the debt limit. >> i will not have another debate with this congress over whether or not they should pay the bills that they have already racked up. >> reporter: treasury secretary timothy geithner has warned congress the country is just a few months away from defaulting on its loans for the first time in u.s. history. >> the c
months of debating and back room deals, congress has passed a bill which will pull the country back from the fiscal cliff. >> on this vote the yays are 257. the nays are 157. >> it extends t s the tax rate c individuals earning 400,000 per year and couples $450,000 a. 151 republicans voted against the bill because it doesn't address spending. >> what we're really doing is raising taxes to give the president more money to spend. >> president obama has promised to work with congress to find more spending cuts in the future, but he urged them not to play politics with the nation's debt limit. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up. >> treasury secretary of state timothy geithner has warned congress the country is a few months away from defaults on its loans for first time in history. >> the consequences would be catastrophic, far worse than the impact of a fiscal cliff. >> but many say the debt limit debate is the last chance femme them to secure the deep spending cuts necessary to pay down our natio
cliff. after months of drama and some tense last-minute negotiations, congress finally passed legislation to avoid the fiscal cliff. after the vote, a rare late-night statement from president obama. >> this law is just one step in the broader effort to strengthen our economy and broaden opportunity for everybody. >> reporter: lawmakers completely blew their deadline. they didn't get the grand bargain that both parties claimed was their ultimate goal. both democrats and republicans gave themselves credit for getting something done. >> this is a very, very strong first step. >> this is an important one. this is a critical one for the future of the country. >> reporter: there was considerable hand ringing among republicans about a lack of spending cuts. some wanted to add them in, but there weren't enough votes to get it passed. this fiscal cliff deal which passed the senate with overwhelming bipartisan support would extend tax cuts for all workers earning less than $400,000 a year, prevent a tax hike on estates valued at less than $5 million and extend unemployment benefits set
breathed a sigh of relief after congress passed the bill to avert the fiscal cliff, washington is preparing to take your breath away with the next battle. cheryl: extending the debt ceiling. rich edson has the latest. rich, they don't take a breath, but keep on trucking, huh? >> it's already started, cheryl. you know, there's $200 billion worth of deficit spending left before the country exceeds the debt ceiling, and treasury says it could be two months, waiting for an update from them, but after the fiscal cliff bill passed, president obama says congress, and then hementses an increase in the debt ceiling, no strings attached. >> while i will negotiate over many things, i will not have another debate with this congress over whether or not they should pay the bills that they've already wracked up through the laws they passed. let me repeat, we can't not pay bills that we've already incurred. if congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic. adam: president doesn't want anothe
to congress because it's congress that passes an increase and republicans have a very different view on that. we have already started the debt ceiling fight a few minutes after the congress has passed a fiscal cliff deal. on top of that coming here from the president about the next round on deficit reductions, saying that he wants to have the wealthiest corporations and individuals take advantage of fewer tax loopholes. he asserted that his rate increase and now he wants to deal with loopholes and deductions. he says that he wants more spending and investments at the white house calls it on infrastructure and research and development and pretty much the same fight we have been having over and over again for the last four years. the president outlined his position. not really anything new. republicans have been outlining their position. mitch mcconnell is out with a statement saying that we need to get a handle on spending. let's get moving on spending reductions. so we now have the next step here. and also the next fight here. we have been going over throughout the night, but $200 billion of
have a deal folks congress passed a fiscal cliff deal a bunch of republicans voted for it. a bunch of republicans voted against it. we are going to talk about it with congressman darrel issa of california and senator richard shelby of alabama and dana perino. get this. ted pay attention. find camera 3 dr. neil warren and ceo co founder of e harmony.com is going to tell you how to find love in the new year. you hear me ted? he hears me. fox and friends kicks off 10 minutes from now right here on your channel for love. fox news channel. >> staffers are living large having million dollar conferences at fancy hotels thanks to member dues. according to the new york post the union spent $166 million last year on training meetings and events. good news if you packed on pounds it could help you live longer. those slightly plump may live longer than those who are skinny. they exercise more and try to eat better to counter that. >>> kids in one new jersey town will arrive at school this morning with armed guards on patrol. the district made a decision after the tragedy at sandy hook to prote
months of drama and last-minute negotiations congress finally passed legislation to avoid the fiscal cliff. after the vote, a rare late-night statement from president obama. >> this law is just one step in the broader effort to strengthen our economy and broaden the opportunity for everybody. >> lawmakers completely blew their deadline. they didn't get the grand bargain that both claim was parties claim was their ultimate goal. but tonight both democrats and republicans gave themselves credit forgetting something done.y, veryis a very, very strg first step. >> this is an important one. this is a critical one for the future of the country. >> there was considerable happened wringing about a lack of spending cuts. some wanted to add them in, but ultimately there weren't enough votes t passed. passed. the bill was overwhelming bipartisan support would extend tax cuts for all tax earners earning less than $400,000 a year and tax hikes on those estates worth $5 million. and benefits set to expire for some two million people. since congress missed the january 1st midnight deadline, technic
opportunities, where we have a chinese-american mayor of san francisco. 35 years ago, congress members passed similar resolutions in both house and the senate to formally recognize the first 10 days of may as asian-pacific heritage week. one year later, president jimmy carter signed into law a joint resolution to officially designate the annual celebration. 11 years later, president george bush extended the weeklong celebration to an entire month. you know and i know that our mothers say that every day is asian pacific american day. i want to recognize all of the milestones the api has made in the state of california and in the entire country. the caucus has a record of 42 members in the asian caucus in congress. one of their very first things we want to say is it was a young man who was the first member -- we want to make note of that. the reestablishment of the white house initiative by president obama was another accomplishment. president obama's cabinets has dr. steven chu. the very first asian-american -- as ambassador to the republic of china. we have a lot of accomplishments. it was no
. congress has passed a deal which now reverts the fiscal cliff. >> than since the dow jones sorry for the first time in weeks, but not everyone is happy with the deal. as brianne carter reports some lawmakers are concerned the new agreement will leave us worse off than before. >> a surge on wall street after congress finally reached a fiscal deal late tuesday night. on this thursday in trading of the new year, the dow jones jumped more than 200 points. >> this lot is just one step in the broader effort to strengthen our economy and broaden opportunities for everybody. >> the measure now headed to the president's desk and will prevent income tax increases and workers -- on workers earning less than $400,000 year-end extend unemployment benefits. but the bill does not include a speextending the social security tax cut. workers will now pay to% more in social security taxes. >> what we are really doing is raising taxes to give the president or money to spend. we think that's a bad idea. >> are members on the hill say that this was not a perfect or permanent fix but they're glad a dea
. >>> the motion is adopted. without objection a motion to reconsider is laid on the table. >> congress passes a fiscal cliff compromise. >> the house late last night passed the senate bill that avoids the spends cuts and tax hike set to take effect later this year. >> we've set up more fiscal cliffs. we're going to look back on this night and regret it. >>> president obama urged them not to fight politics with the nation's debt limit. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up. >>> wall street is ready to rally this morning after the late-night budget breakthrough in washington. >>> asian markets got a big boost over news of the agramt. >>> horng congress's hang seng gained nearly 3%. >>> sandy hook elementary students are about to head back to class three weeks after a shooting. classes return to a repurposed school. >>> an open house is set for today. >>> a shell oil rig has run aground off the coast of alaska. >>> no oil is leaking. all members have been evacuated. >>> they captured photos of justin bean
ahead over spending cuts. whether to raise the debt ceiling. the bill congress passed delays automatic spending cuts from going into effect for twotw months, and didn't deal with the debt ceiling, many republicansrp are hoping for a bigger deal. >> i think that the president miss ad great opportunity, oneop of leadership, he has been re elected, he has four years left. and this will be part of his legacy, the failure to step up and do the big thing when he could. >> president obama promising to deal with the spending cuts, and yesterday, he warned republicans about getting into another political squabble. so how do average americans feel about the fiscal cliff deal? beth parker stopped by locallo diner where customers were dishing their thoughts. >> and how do you want youry eggs? >> reporter: they are working 24 hours a day at bob and edith's diner in arlington. the customers which congressi would do the staple. >> i'm really upset with congress right now.ig i just feel like it's a complete failure. >> reporter: they watched thethe nation edge towards the fiscal cliff. >> i've been in
it done. congress and the along from all over the fiscal cliff, with house republicans reluctantly passing the senate bill. >> i will sign a law that raises taxes on the wealthiest 2% of americans while preventing a middle-class tax hike that could have sent the economy back into recession. >> it appears the bill was headed for defeat. house republicans did not want to raise taxes without significant cuts in government spending. >> there are no spending cuts. we are adding $4 billion a day to the debt and we fell ilk -- feel like the senate bill failed miserably. >> they decided not to drag out the fight in the longer and risks taking the blame for massive tax hikes for nearly a met -- for nearly every american worker. >> what is the alternative? >> the bill shields those earning less than $400,000 a year from tax increases and extend unemployment benefits. it does not raise the so-called app ceiling. in two months, government will reach its limit on borrowing unless congress acts. it only delays large cost the pentagon and other government programs. in march we may see another round of f
-- the senate passed it. let's show the american people this congress is not broken. we are not so dysfunctional we cannot work together for and come to an agreement and compromise. let's get this done. please support the fiscal cliff bills today. >> we are about to have a hold your nose vote here in the house of representatives. many of us will wrestle with the problem. we do have an opportunity to stabilize taxation for 99% of all americans to extend an appreciation. two loans are stabilized in the calendar year 2013. there is a lot in this package that is good. there is a lot in this package not just at all. it must be addressed or it will have a huge drag on the united states economy. once again, revisit the issue for the first time in american history. it is not a perfect package. it is something that gets us by while we tackle the large issues in the next congress. >> we are confronted with a bill that, if the vote full voting- age allow us to go over the ceiling or we can try to come together and pass something that neither tside of the aisle will agree with 100 percent. -- 100%. we do no
ceiling, and he said he wasn't going to not pay the bills that congress has passed. i would remind the president these are for programs that he was the one that instigated. it's his health care law. i'm a doctor. that law continues to be unworkable, unpopular and unaffordable, and it's the president's stimulus package that i believe was a failure. >> well, many of the bills do predate 2008, but unfortunately we're out of time. i wished we could talk more. senator barrasso, thank you. >> thank you, victor. >>> alison kosik is at the new york stock exchange. 250 points many on the day, alison. >> how long will the good feel last? we'll be back after the break. where is flo? anybody know where flo is? are you flo? yes. is this the thing you gave my husband? well, yeah, yes. the "name your price" tool. you tell us the price you want to pay, and we give you a range of options to choose from. careful, though -- that kind of power can go to your head. that explains a lot. yo, buddy! i got this. gimme one, gimme one, gimme one! the power of the "name your price" tool. only from pro
congress passed late last night. this started out as a debt reduction bill and ended with spending and increase the nation's debt. didn't work out exactly as planned. the bottom line, this law will provide 620 billion dollars in new tax hikes. and 15 billion in budget cuts. and for those of you keeping track at home. for every $1 in cut, according to the so-called debt deal adds nearly 4 trillion dollars to federal deficits over the next decade largely because of the extension of lower tax rates for almost all americans. 330 billion dollars of it is also an increase in spending, an increase in spending, more, more spending. plus, congress packed in some special gifts for the railroads, the car racing business, and some friends in hollywood who have some deep pockets. chris is our host of power play on foxnews.com live. happy new year! >> happy new year to you, merry cliff-mass. >> megyn: we went off the cliff and we're kind of off it, but moved the cliff and the cliff is in a weird place. postponed part of it. in any event, there's big tax hikes for the rich and hikes for everyone,
the fiscal cliff bill and president obama is thanking congress for passing it. but when he spoke late last night, he said he hopes for less drama in the future. >> there's looft work still to be done -- lot of work still to be done. now the bill heads to the president for his signature. surae chinn is live on capitol hill with more on where we stand now. we have plenty left to do. good morning, surae. >> reporter: that's right. good morning to you, mike and andrea. it's not as big of a financial package as some lawmakers would have liked but a deal is a deal. in the end the house did end up approving the senate fiscal bill around 11:00 last night by a margin of 257-167 opposing votes. and some consider this a political victory for the president that comes one day after the fiscal cliff deadline. but the deal will work retroactively to extend the bush era tax rates for most americans. it is what he campaigned on to raise taxes on the wealthiest. the bill raises income taxes for individuals earning $400,000 a year and families earning $450,000. it includes an extension of unemployment benefi
thanking congress for passing a bill on the fiscal cliff. >> another nail biter as they waited to the last minute to get this one done. we're live on capitol hill to talk about what exactly we have accomplished here. >> a lot of people feel it always is down to the last final hours and minutes to get a deal done on capitol hill. that was the case again with this issue but there is a deal done and many say it is not a perfect or permanent fix but it does keep most americans taxes from going up. it it -- also appears to be a victory for president obama. the bill allows for most of the things he talked about during his campaign. it will shield those earning less than $400,000 from seeing their taxes go up. it extends some of unemployment benefits as well. some members of congress say it does not go far enough and sets up another showdown over fiscal issues in 2013. others believe the country could not afford not to pass this bill. the president talked about all this right after the passage. >> thanks to the votes of democrats and republicans in congress, i will sign a law that raises taxes on
that passed both houses of congress. here are the numbers to call -- you can also find us online. send us a tweet. or join the conversation on facebook. you can also e-mail us. the "washington times has this headline -- and in the washington post -- we would like to hear what you think about this bill. we will be digging into it more, going over some of the details. if to give us some perspective is pete, a staff writer with the the hill newspaper. thanks for being with us. guest: hi. host: they talk about the house republicans balked at first. what was the sticking point? guest: you used to just have to keep taxes low. but with the debt creeping up more and more, it is increasingly coming to play in our republicans think. when they first look at the deal yesterday the senate passed, they're looking at it when the cbo scores came out and the source said this is a bunch of new debt because we are letting people off the hook on texas and a little bit of spending cuts and that is not what they wanted and it is not the balance to deal they were seeking. for a bunch of hours, it caused them al
soared on wall street and around the world after congress passed the last minute budget deal averting the fiscal cliff. the dow finished up 308 points to close at 13,412. >>> coming up at 5:30 we'll look at the winners and the lose he is of the fiscal cliff deal -- losers of the fiscal cliff deal. we'll break it all down. >>> at the top of the show you heard him, a little bit of governor chris christie blasting the republican led house representatives. he said a plot more than that and his hard -- a lot more than ha and his harsh words have gotten some action. the house will vote friday on $9 billion in aid for superstorm sandy relief. the house came within hours of when the republican governor ripped the republican controlled congress and specifically house speaker john boehner for failing to vote before adjourning late last night on the sandy relief bill. >> we respond to innocent victims of natural disasters not as republicans or democrats, but as americans. or at least we did until last night. last night politics was placed before our oath to serve our citizens. for me it was disa
on that and the republicans -- he has passed to do that -- he has to do that because the congress has to agree on that. >> to find out how global exchanges have responded, we will hear from frankfurt in a moment. first, this report on the first trading day of the year, starting in asia. fanfare for the start of the new trading year in south korea. analysts here are optimistic, despite the eurozone's continuing debt crisis and concerns about flat economic growth in developed countries. news that washington had sidestepped the fiscal cliff boosted markets across asia. >> people are very relieved this morning because the u.s. is very likely to fix their own problems in the next few days. >> the kospi index had a rise of 1.7%. the hang seng climbed above 23,000 for the first time in more than a year-and-a-half. most analysts are still urging caution and say that many of the world's economic problems remain unsolved. >> 2013 is likely to be a year of high risks and high returns compared to the previous year. in the latter half of the year, stocks will rise due to a recovery in the developed world. >> stock
of the fire is still under investigation. >> president obama is thinking congress for passing a bill that prevents us from going over the fiscal cliff. it stops a middle-class tax hike and raises taxes on the wealthiest americans. the house approved a bill last night and the senate approved a bill tuesday morning. but the bipartisan bickering continues. after passing the bill, one very important piece of legislation was not touched -- a $60 billion aid package for victims of super stormed sandy. the house agree to hold a vote by january 15 but it comes one day after finger-pointing and outrage from lawmakers. >> it is a lashing and tough- talking chris christie is known for only the time it is a fellow republican his railing against. >> i called the speaker four times last night after 11:20 and he did not take my calls. >> publicly bashing john boehner, chris christie and others from the hard-hit areas of new york and new jersey did not hold back of the house's failure to vote on the sandy relief package last night. >> we cannot believe this knife in the back was delivered t
resolution, and congress has to pass another budget so that our entire government just doesn't shut down on us. if congress doesn't get its act together fast we'll be in a similar situation before we know it. the congressman-elect from florida joins us. my first question, sir, is are you looking forward for joining this group of legislators, given this despicable state of paralysis. >> this is a new congress i'm joining. the 112th congress, this is definitely disheartening, but it's not a surprise. the new congress, about 90 new members, all elected on a message of bipartisan, so the freshmen i have met all want to do something big, we want to do the big choices, so i'm excited to join this congress. >> what do you consider one of the big choices? everything will have to hurt. where are you prepared to hurt? >> you're right, it will have to be across the board. what we just did is a bain aid. i'm very disappointed. we are continuing to kick the can down the road. it's just not right. we're not putting our children and grandchildren in a strong position. unfortunately we have to look at c
passed the senate bill late last night averting fiscal disaster for the moment. live at our nation's capitol with details. good morning. >> good morning, the country did go over fiscal cliff but congress have fixed the mess. what they passed is retroactive, 90% of americans will not see a change in tax rates. >> they finally got it done. congress ended the long drama over the fiscal cliff with house republicans passing the senate bill. i will sign a law that will raise taxes on wealthiest 2% of americans. it could have sent the economy back into a recession. it appeared the bill was headed for defeat. house republicans had not want to raise taxes without significant cuts. >> there is no spending cuts. we're adding $4 billion a day to the debt. we feel like the senate bill failed miserably. >> but republicans decided to the to lengthen the fight. >> what is the alternative? go out $4 trillion of tax hikes for the american people, market uncertain. >> the bill shields people earning less than $400,000 a year from tax increases and extends unemployment benefits for roughly 2 million p
. >> yeah. he says the bill passed by congress last night is mainly a ticket to another fight which we'll talk about, but how does all of this affect his investment decisions for 2013? wilbur joins us now. good to see you. welcome back, sir. >> good to be back, thank you. >> are you encouraged or dismayed by the bill passed last night? >> well, i'm encouraged in one sense in that at least the vast majority of american taxpayers will know what their rates will be, and there's not that much of an increase. for most people the increase will be basically the two percentage points on social security and a little witt higher limit, so from the average person's point of view, that's okay. the disappointing part is that it didn't really deal with spending. there's a ratio of $41 of tax increase to $1 of spending decrease. >> right. >> that's not kind of balance we need to fix the budget. >> wilbur, though -- >> we have to wait and hope. >> the fiscal cliff wasn't about the deficit. it wasn't about the debt. it was actually about stabilizing gdp. i mean, that's the cliff, that's about making su
passed congress at. if this does pass we will have probably a little firmer guidance from the treasury department about how much we can expect before we honestly hit that deadline, august 2nd 2011, raising the debt ceiling beyond. here we are again. diane: another one of those things constantly being temporarily passed. we don't have to keep going through this. rich: that's one of the pieces. this would permanently take care of that, and so it's one of these budget things that never went to its way into long-term budgeting for it, but congress would be honest about it and just go head. the other thing the republicans are starting to look at here is now the tax rates have all reverted to clinton error rates, it happened at midnight this morning or last night, they would be voting to attacks hit that amounts to nearly $4 trillion from current tax rates. and so that's something republicans have been talking about as a positive in all this, that if they don't fall for this there would actually be voting against the tax cut. there is bending the they don't like. it all like the one year ext
to make it. if congress, the house were to amend that proposal to add the spending cuts to the bill the senate passed last night, republicans understand the senate is unlikely to even consider those changes. >> we are breaking up to go vote in just a moment on otherments. we do expect to vote on this later tonight. >> and what have the amendments, fiical cliff bill taking shape? what are the, size of the cuts you're looking for, where do they come from? >> we're just luking at one possible amendment. and they are going to decide after doing a little bit of discussion among members whether or not to bring it up. >> do you sport that test. >> huh? >> do you support that test? >> personally feel the senate will probably just ignore it as they did a year ago on the payroll situation. and that we'll still be back here. basically dealing with the underlying bill which is the senate version? >> do you have a chance for up-or-down vote on unamended version of the bill? >> yes. i think that will be tonight. >> do you think that will ultimately get past the republican caucus, do you have any
those in need, urging congress to pass this type of relief bill. why do you think boehner is not moving on this? congressman isic ia -- isa said filled the bill will pork. do you think that's the reason why your house republican colleagues aren't moving this or speaker boehner is not moving on this? or is boehner worried about showing a preference to new york city for some of the more conservative red state members of his conference? >> well, that statement from congressman isa shows how quick house republicans are to jump the gun against new york. the fact is every one of those items was taken out of the bill. every one of those items. they were put into the senate and taken out of it in the house. the bill that was going to go on the house floor did not have any of those items that congressman isa was talking about. john boehner wouldn't talk to us last night. i would say with the fiscal cliff and people in the party talking about spending he thought it was too much to put together but this is always separate. the part of leadership is to be able to distinguish and say this is not som
months of drama and intense has minute negotiations congress finally passed legislation to avoid the fiscal cliff. lawmakers completely blue the keyed line and no grand bargain both parties claim the ultimate goal. tonight both democrat and republicans gave themselves credit for getting something done. >> this is a very, very strong fears step. >> this is an important one. this is critical one for the future of the country. >>reporter: there was considerable hammering on republican lawmakers about the look of spending cut in the senate passed bill. some wished to tweak that with spending cut added on but ultimately not enough votes to get it passed. fiscal cliff deal was passed with overwhelming bipartisan sport this morning stepped tax cuts for all workers earning less than 400,000 dollars a year. prevent tax hike on estate valued at less than 5 million dollars. extend unemployment benefits that were set to expire today for some two million people. since congress missed january deadline the country did go over the cliff but bypassing the compromise deal on the house and se
over what congress has failed to do. adjourning without passing an aid bill for victims of hurricane sandy. >> the rug is pulled out from under us. absolutelyindefensible. >> absolutely absurd. >> shame on you, mr. speaker. >> reporter: the failure to even vote on the $60 billion bill prompted an outburst from chris christie. >> 66 days and counting. shame on you. shame on congress. >> reporter: his wrath aimed squarely at republican leaders in congress. >> they forget, we sent them there. we sent them there to do the work for us. not to sit down there and play with each other. >> reporter: all that sound and fury apparently paid off. late today, speaker of the house john boehner said that aid to victims of hurricane sandy would be the first priority of the new congress that gets sworn in tomorrow. the first vote for sandy victims coming on friday. >> all right, jon, thank you. but let me ask you this. we've had relief now about one crisis averted, but when is the next one? >> reporter: we have potentially three fiscal cliffs coming up. the first one comes next month, when the govern
changes. >> that's become the norm. you know that congress hasn't passed a budget on time in years. when this resolution expires in march, what's going to happen? are we going up to midnight of march 1st and all that again? >> i hope not. we are working new year's eve and new year's day. it wouldn't surprise me. there could be something that changes. i don't know if president obama has leverage. he hasn't been asked what he is going to do on the debt ceiling. he said i am not going to negotiate and i am not playing those games. what does that mean? is he going to use the fringe ideas previously of the 14th amendment and bring it up to say he is bypassing congress or throw out a trillion dollar platinum coin? this is where the conversation is at this point. the debt ceiling is something congress has to vote on unless president obama does something we have never seen before. >> and republicans as we read the bottom of the screen, they are vowing to use the debt ceiling as leverage. is that going to work? do they have that leverage? we spoke with adam schiff and he said everybody has a litt
. >> last time i looked congress appropriated the money. it's bills passed due. >> which congress? the republican house of representatives all voted against that. the spending that's -- >> plenty of other money in there, though, this congress voted for, the house-led republicans went along with a lot of spending in the past two years. look, at this stage, john boehner could have had a deal a couple of weeks ago that would have included some modification on the c.p.i. for social security recipients, and the president said, as well, some adjustment against the wishes of his own party members, he was willing to talk about the raising the retirement edge, the eligibility age. >> democrats in senate said that was off the table, that was never a reality. second of all, we're in a position that we're dealing with spending cuts -- >> didn't john boehner reject a better deal from his values, according to his principles, that he ended up -- he then ended up finally leading the house to vote for last night? >> no, because last night was not a final deal. last night was a debate over how much
nd. 3 33 p, 3 3 congress has reached an &pagreement that keeps the fiscal cliff. as martha shade explains... theehouse of representatives voted tuesdaa niggt to approoe in the day. ill passed earrier - 3 &pthe nays are 167, the motion issadopted) the house aprroved the measure passed earllerrin the day by the senate. it raises taxes on individuuls earning moreethan 400-thousand more than 450-thousand dollars a year. it also exteeds unemmloyment benefits. spenddng cuts will not be addressed for two months -- which was a ddsappointment for many republicans. thh senate, the president and the vice &ppresident failed to meet thei obligation, their own statee ooligation whicc as to brrng us a balanced bill. one that also had spendinggcutss this one ffils at thaa and faiis badly. president obama pprisedd agreement that protects the miidle class. thanks to the votes of democrats nd republicans in congress, i will sign a law that raises americans whiieepreventing a middle-class tax hike that could have sent the economy back into recession and obviously had severe impact on famiiies al
i will negotiate over many things, i will not have another debate with this congress over whether or not they should pay the bills they have already racked up through the laws they pass. let a repeat. we cannot not pay bills we have already incurred. if congress defuses to give the government the ability to pay these bills on time -- refuses to give the government the ability to pay these bills on time, consequences will be worse than the fiscal cliff. the last time this course of action was threatened, our entire recovery was put at risk. consumer confidence plunged. growth dropped. we cannot go down that path again. today's agreement in shrines in principle into law that will remain in place as long as i'm president. the deficit needs to be reduced in a way that is balanced. everyone pays their fair share. everyone does their part. that is how our economy works best. that is how we grow. the sum total of the agreements we reached so far proves there is a path forward. that it is possible. if we focus not on our politics, but on what is right for the country. the one thing i thin
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